Nexstim Plc: Decisions of the Board of Directors regarding Board Committees, approval of a financing arrangement and issuance of shares under the restricted share unit plan

Company announcement, Helsinki, 28 March 2018, at 2 PM – Nexstim Plc (NXTMH:HEX, NXTMS:STO) ("Nexstim" or "Company"), the targeted neuromodulation company developing and marketing pioneering navigated non-invasive brain stimulation systems for both therapeutic and diagnostic application, announces the following decisions made by its Board of Directors on 28 March 2018.

The Board of Directors resolved to elect the following persons to the Company's Board Committees:

  • The chairman of the Audit Committee shall be Juliet Thompson and the members shall be Rohan Hoare and Tomas Holmberg;
  • The chairman of the Remuneration Committee shall be Ken Charhut and the members shall be Rohan Hoare and Tomas Holmberg; and
  • The chairman of the Nomination Committee shall be Sami Tuhkanen and the members shall be Juliet Thompson, Martin Jamieson and Risto Ilmoniemi.

In a company release published on 11 December 2017, Nexstim announced that it had entered into a financing arrangement further described in that company announcement (the "Financing Arrangement"). The Financing Arrangement was conditional on the approval of the Annual General Meeting held today. Following the approval of the Financing Arrangement by the Annual General Meeting, Nexstim's Board of Directors has today resolved to give effect to the Financing Arrangement and enter into the remaining agreements thereunder. Any loan amounts to be drawn down under the Financing Arrangement and the issuance of related warrants are subject to further resolutions by Nexstim's Board of Directors. The proceeds of the Financing Arrangement would primarily be used in furtherance of the bringing to market of Nexstim NBT® and NBS products in Europe and in particular in the United States.

Pursuant to the authorisation received from the Company's Annual General Meeting today and the restricted share unit reward plan approved by the Annual General Meeting on 28 March 2017, the Board of Directors of the Company has today resolved on issuing altogether 209,765 new shares without payment to four members of the Board of Directors. The members of the Board of Directors participating in the plan are Ken Charhut, Tomas Holmberg, Rohan Hoare and Juliet Thompson. Ken Charhut, Rohan Hoare and Juliet Thompson will each receive 50,781 shares and Tomas Holmberg will receive 57,422 shares based on the amount of the gross reward for the vesting period 2017-2018 determined by the Annual General Meeting on 28 March 2017. The new shares are expected to be listed on or about 6 April 2018. After the issuance, the total number of shares in the Company will be 93 531 529.


Martin Jamieson, CEO

About Nexstim Plc

Nexstim is a targeted neuromodulation company developing and marketing pioneering navigated non-invasive brain stimulation systems for both therapeutic (NBT® system) and diagnostic (NBS system) applications. Nexstim's NBS system is the only FDA cleared and CE marked system based on navigated Transcranial Magnetic Stimulation (nTMS) for the pre-surgical mapping of the speech and motor cortices of the brain. Based on the same technology platform, the Company has developed the Navigated Brain Therapy (NBT®) which is CE marked in Europe for the treatment of stroke, major depression and chronic neuropathic pain.

Nexstim has received clearance from the FDA for marketing and commercial distribution of its NBT® system for the treatment of Major Depressive Disorder (MDD) and looks forward to introducing the NBT® system for this important indication during Q2 2018.

The NBT® system is currently in a 60 patient, supplemental Phase III study, E-FIT trial, for its use in stroke rehabilitation. The trial is expected to complete in mid-2018, allowing Nexstim to file for FDA clearance. FDA clearance would allow Nexstim to start marketing and selling its NBT® system for stroke rehabilitation in the USA.

Media contact

Citigate Dewe Rogerson

David Dible / Isabelle Andrews / Shabnam Bashir
3 London Wall Buildings
London Wall

Tel: +44 (0) 207 2822949